Number crunching: October 2012

Despite a very low inventory of homes on the market, prices and sales numbers increased in October 2012 compared to the same time last year, according to the Honolulu Board of Realtors (HBR).

Both single-family homes and condos saw a significant uptick in resale figures. Single-family home sales increased 26.5 percent, with 282 units sold compared to 223 in October 2011. Median prices increased from $579,000 to $625,000, which is 7.9 percent more than the same time last year.

The median price for condos in October 2012 was $325,000, which is a 6.6 percent increase over $305,000 in October 2011. Condo sales increased 32.4 percent in this same time period, with 425 units sold compared to 321 last October.

According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 36 days and condominiums listing for just 31 days.

“October was a great month for the local real estate market. Condo sales, in particular, were extremely strong,” says Joe Paikai, HBR president. “In fact, condo sales were the highest they have been since July 2010, a definite sign of the market’s continued recovery.”

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

About Our Writer

Rachel Ross Bradley is a Realtor-associate at Berkshire Hathaway HomeServices Hawai‘i Realty. Raised in Hawai‘i Kai, she previously worked in public relations and marketing where she assisted some of O‘ahu’s biggest community developers, educators and businesses. She loves connecting people and says that real estate is a form of matchmaking. She is mom to three teenagers and an avid runner, and notes that the hour each day of pavement-pounding is the only teen-angst-free peace and quiet she gets all day. rachelb@bhhshawaii.com